TenCate announced it has signed a 3-year contract with a Singaporean shipyard, on behalf of a Middle-East based customer, for the design, development and production of lightweight ballistic protection for the crew and some equipment on a number of large vessels. Financial details of the transaction have not been disclosed. Our View: TenCate Advanced Armour has opened a sales and marketing office in Singapore in early 2012, and today’s announcement (albeit vague) shows that move is paying off. Hold and € 20 target price maintained.